Ghana is ready to launch its first large-scale greenfield mine in over a decade in November 2024.
In response to the Minerals Fee, the mine is projected to provide over 350,000 ounces of gold yearly.
The Chief Government Officer of the Minerals Fee, Martin Ayisi introduced that by 2026, Africa’s prime gold producer, Ghana will launch three new mines, together with a lithium undertaking.
These developments are anticipated to reinforce the nation’s mineral output and speed up its restoration from a extreme financial disaster.
The Cardinal Namdini mine obtained a licence for the power in 2020 which is owned by Cardinal Assets, a unit of Shandong Gold (600547. SS).
Ghana final commissioned a large-scale greenfield mine in 2013 when miner Newmont (NEM.N), opened a brand new tab and launched its Akyem web site in southeastern Ghana.
Since then, “exploration took a nosedive, however we are going to now have commissioning galore.
“First is Cardinal Namdini, which is a monster mine, and it’ll produce a median of 358,000 ounces per 12 months. Mid-year 2025, Newmont will fee one other monster mine – Ahafo North”, Mr Ayisi mentioned in an interview with Reuters.
He said that the 2 new mines are anticipated so as to add at the least 600,000 ounces to Ghana’s annual gold manufacturing, stimulate financial development, and create a whole lot of jobs.
Mr Ayisi additional revealed that two further mines; Azumah Assets’ gold mine in northwestern Ghana, close to the Burkina Faso border, and Atlantic Lithium’s first lithium undertaking are set to start manufacturing in 2026.
Whereas miners admire Ghana’s steady fiscal insurance policies, they cite excessive prices and bureaucratic hurdles as limitations to funding.
He famous that the Minerals Fee is collaborating with the federal government to cut back exploration taxes.
“Ivory Coast is primary on the subject of exploration spend as a result of they’ve made it simpler. We’re quantity 4, however we may be primary,” he mentioned.
The Cardinal Namdini mine, owned by Cardinal Assets a subsidiary of Shandong Gold was granted its working license in 2020.
In 2023, Ghana produced 4.03 million ounces of gold, largely on account of elevated output from small-scale and artisanal mining.